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Term insurance is an agreement between two parties i.e. insured and insurer under which insurer agrees to compensate insured in any eventuality. Under this agreement, insured pays insurance premium to the insurer and in turn insurance company agrees to cover risks associated with life. Term plans are purest form of life insurance as it does not build any cash value and maturity benefits. Term insurance plans can be taken by an individual in order to secure future of the family.
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Term insurance plan provides several benefits to an individual thus helping an individual to secure their families future. Term insurance plans are much cheaper than any other form of life insurance. An individual can compare term life insurance plans with other forms of insurance in order to reap maximum benefit out of an insurance policy. Understanding insurance is very important as it helps while making claims and to know what is covered under various clauses. Term life insurance can be bought through several sources, such as online and offline. Offline term insurance plans can be bought via direct agents, which is also known as the traditional channel of buying life insurance. Term plans can also be bought online via insurance aggregators and preferred provider websites. Online term insurance plans are easily the most convenient method to buy term life insurance cover. Moreover, online term insurance plans are cheaper as compared to offline term insurance plans as there is no involvement of middlemen. You are not required to submit any documents while applying for an online term insurance plan, which is the reason why this mode is preferred these days. Online term insurance plans are very easy to manage as you can keep your documents on your system with minimal paperwork involved.
Note: Now that you know that what is term insurance plan you can easily buy a term plan for your loved ones.
Term Plans
Here is a list of the top benefits of buying term insurance plans in India 2023:
Large Life Cover at Low Premiums: With term insurance plans, you can secure a large sum assured at affordable premiums that can easily fit within your budget. For example, term insurance with a 1 crore life cover can cost you only Rs. 525 per month. This way, you can ensure the financial stability of your family in case of an eventuality.
Customisable Policy Tenure: Term life insurance offers the option of customising the policy tenure by selecting the suitable policy term. This way, people who require short term coverage can get short term insurance, and people who need long or whole life coverage can get whole life insurance policy till 99/100 years of age.
Comprehensive and Enhanced Coverage: You can add riders like critical illness, terminal illness, accidental death, accidental total permanent disability, and hospicare benefits to get comprehensive coverage at nominal premiums. Some term plans also provide the option of increasing the life cover at milestone stages like marriage, childbirth, and home loans, to customise the life cover with changing needs.
Security Against Loans and Liabilities: In case you have taken a home loan or any other type of loan, the burden of having to pay that off, may fall on the shoulders of your family. The death benefit of term insurance can help your family take care of such loans and liabilities in your absence.
Multiple Payout Options: Term insurance plans came up with multiple payout options for your convenience. The nominee/beneficiary will get to select from options such as lump sum, monthly instalments, lump sum + monthly, and increasing monthly income. You can choose the right payout option best suited for your family’s financial needs while buying term plan.
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Term insurance for family is one of the ideal ways to secure the financial future of your loved ones as it ensures their stability in the event of your untimely death. Your family can use the death benefit amount to take care of their financial needs like paying rent, child’s fees, and paying off remaining loans.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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